CBN suspends charges on cash deposits

The Central Bank of Nigeria (CBN) has directed banks to stop charging cash deposits until September 30, 2024.

The CBN announced this in a circular dated May 6, 2024, signed by Adetona Adedeji, Director of Banking Supervision.

Some bank clients expressed concerns after lenders began collecting processing fees for cash deposits on May 1.

Banks are required to charge 2% on deposits above N500,000 for individuals and 2% on deposits exceeding N3 million for business account holders.

According to the CBN’s most recent circular to financial and non-financial organisations, processing fees have been stopped.

“Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporations as contained in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019,” CBN said.

“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two percent and three percent previously charged on all cash deposits above these thresholds until September 30, 2024.”

The apex bank directed banking institutions to continue accepting all cash deposits from the public without fee till the end of Q3.

Related